Consider a Demand Curve That Has a Constant Elasticity Value

question 174

Multiple Choice

Consider a demand curve that has a constant elasticity value of 0.What happens to quantity demanded and total revenue when price increases?

• A)The quantity demanded and total revenue remain the same.
• B)The quantity demanded does not change but total revenue increases.
• C)The quantity demanded and total revenue fall to zero.
• D)The quantity demanded does not change but total revenue decreases.

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Definitions:

Medium

A means or channel through which something is conveyed or communicated, such as in media, art, or technology.

Merit Pay

Compensation added to an employee's base pay based on performance, aimed at rewarding excellence and encouraging high productivity.

Cost Of Living

The amount of money needed to sustain a certain level of living, including basic expenses such as housing, food, taxes, and healthcare.

Performance

The level at which an individual, group, or system executes tasks and responsibilities, often measured against pre-set standards.